Iowa's Betting Boom Continues in June
The Iowa Racing and Gaming Commission has released its monthly report for June 2024, showing a significant increase in sports betting activity.
Iowa received $843,201 in sports betting tax revenue in June, up from $703,846 last year. (Source: Alan Stanley, Pixabay)
LISTEN TO THIS ARTICLE:In the month, the operators in the state reported a combined handle of $146.6 million, an increase of 23.2% compared to the $119 million recorded in the same month last year.
With a hold percentage of 8.5%, sportsbooks generated $12.4 million in revenue after distributing $134.6 million in winnings to players in June.
Thanks to the increase in handle and revenue, tax contributions to the state and local governments also shot up by 20% from $703,846 in June 2023 to $843,201 last month.
DraftKings Ranks First
DraftKings, in partnership with Wild Rose, led the Iowa online sports betting market in June with $52.9 million in wagers, a significant increase from $39.8 million in June 2023. The platform also saw a notable surge in net receipts at $4 million, up from $2.6 million in the same month last year.
FanDuel, partnered with Diamond Jo Casino, achieved the second spot with $33.7 million in wagers, an increase of $6.1 million compared to June 2023. Its net receipts rose from $2.8 million in June 2023 to $4.2 million this year.
Caesars Sportsbook, which collaborates with five Iowa casinos, secured the third-highest handle in the state at $15.9 million, up from $15.7 million last year. However, despite this increase, Caesars' net receipts fell 14.8% to $937,010.
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Robust Growth for Fresh Operators
New sports betting operators in the Iowa market also saw growth in their handles and revenues during June. For instance, ESPN Bet generated $403,960 in revenue from total bets of $4.8 million.
Fanatics, which launched in the market in February after it acquired Pointsbet's US business, saw $3.3 million in total wagers and earned $307,736 in net receipts. Sporttrade reported a net receipt of $73,124 from an online handle of $563,184.
Tipico collected $246,305 in handle and posted net receipts of $30,971. However, June is the last month of wagering for Tipico in Iowa and other markets, as it has recently been acquired by MGM Resorts International's LeoVegas Group.
Last month, LeoVegas inked a deal with Tipico Group to purchase its US operations. The deal includes the product and technology platform that supports Tipico's US operations, though financial specifics remain undisclosed.
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